Step 4 – Money In

January 8th and you’re already at Step 4! You’ll have a plan before you know it.

• Regular (or average) monthly net income (net = after tax & deductions)
• Other resources or irregular income such as bonuses, tax refunds or extra income

Put the regular income on the sheet under income and note the other resources on the sheet separately.

Tip: Take a look a a couple pay stubs at different points in the year to be sure that you’re working with good information. Sometimes employers deduct EI and CPP premiums over the first few months until they’re paid and others average the deductions over the whole year.